SANTA BARBARA, Calif., April 9, 2020 /PRNewswire/ -- Chairman and Chief Executive Officer Brett Matthews of Kate Farms, the #1 recommended plant-based formula prescribed to deliver vital medical nutrition to those most in need, announced today the company has closed its $23MM Series A-1 financing round, bringing total raise to date to $48MM. Kate Farms will use the funds for accelerated growth, additional hiring and continued innovation as the company continues to drive change and clinically better outcomes in the medical nutrition space through its higher standard, plant-based formulas.
The round was led by a personal investment from David Roux, Co-Founder of Silver Lake. Other individual investors include John Hammergren, former Chairman and CEO of McKesson, Gregg Engles, former Chairman and CEO of WhiteWave Foods, William Loomis, former CEO of Lazard, and Kristin Loomis, founder and Executive Director of HHV6 Foundation.
Each outside Kate Farms board member also invested in the Series A-1 round: Carol Ammon, registered nurse and longtime pharmaceutical CEO; Celeste Clark, Ph.D., registered dietitian, former board member of Mead Johnson and former Global Executive Management Team member at Kellogg's Global Nutrition; Jeff Jacobs, co-founder and former president of Harpo Entertainment; Pete Nicholas, founder and former chairman and CEO of Boston Scientific; and Robert Zollars, former president of Baxter International's U.S. distribution, former chairman of Diamond Foods and former EVP at Cardinal Health.
"As an early investor, I see some parallels between Kate Farms and Boston Scientific," said Mr. Nicholas. "By disrupting the medical device market, we ultimately created better patient outcomes. Likewise, Kate Farms, by bringing superior plant-based medical nutrition to the market, is disrupting what is basically a stagnant category—and driving great patient outcomes too. With this seasoned team and strong culture, I'm confident Kate Farms will continue to change patients' lives."
Global demand for plant-based alternatives is growing: the plant-based dairy category is expected to go from $21 billion in 2017 to $37.5 billion by 2024. Likewise, the meat alternative category is expected to grow from $4.6 billion in 2018 to $85 billion by 2030, according to UBS Investments1. The states of California2 and New York3 have recently passed legislation requiring hospitals and prisons to provide a plant-based meal option, and similar legislation is under review in several other states.
"While today it's much easier for consumers to find plant-based alternatives, whether at the grocery store or a fast-food outlet, the same options until recently have not been available to those who are medically compromised. Kate Farms is specially formulated to help those people with major medical conditions, who often rely on us for 100% of their nutritional intake, to not only improve their health but to be able to live their best life," said Mr. Matthews. "I am honored to be part of a team that partners with health care professionals and patients to support them in their overall care and to help them navigate insurance coverage. We lead with our hearts and expertise and are committed to caring for people. Together, we will serve the millions and millions of people with chronic diseases and help them thrive."
ABOUT KATE FARMS
Kate Farms was founded in 2012 by parents determined to save their daughter's life after a diagnosis of failure to thrive and is the #1 recommended plant-based formula. Kate Farms offers medical formulas for children and adults, to be used as sole source or supplemental nutrition, for oral or tube feeding. They are available nationally and eligible for insurance coverage with Medicare, Medicaid, and private insurance. Kate Farms formulas are made for tolerance with easily digested organic pea protein, fiber, and phytonutrients, and without common allergens or artificial sweeteners or flavors. Kate Farms can be accessed in more than 600 US hospitals, including the top children's hospitals; availability is increasing daily. Visit www.katefarms.com.
For more information, visit www.katefarms.com or follow the company on Instagram, Twitter, Facebook, or LinkedIn.
Contact:
Errin Cecilsmith
215-439-7776
[email protected]
SOURCE Kate Farms
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